JPMorgan, Virgin Galactic, Tesla among stocks making biggest moves in premarket

JPMorgan Reported Fourth-Quarter Earnings and Revenue that Topped Wall Street Expectations. However, The Bank Said a Mild Recession is Now the "Central Case." JPMorgan Slid Nearly 3% in Premarket Trading.

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Goldman Sachs has downgraded Lockheed Martin from neutral to sell, and has cut its price target by $56 to $332. The firm noted that the company is vulnerable to any changes in government budgets. Lockheed Martin shares fell more than 3% in premarket trading. Virgin Galactic Holdings surged nearly 16% after it said it was on track for a commercial launch in the second quarter of 2023. The space tourism company's stock has been on the rise lately, as investors are betting on its success.

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Wells Fargo's profits shrank in the most recent quarter, leading to a stock price decline of nearly 4%. The bank has been weighed down by a recent settlement and the need to build up reserves. Delta Air Lines reported fourth quarter profit and revenue that beat expectations. Its adjusted earnings per share came in at $1.48, versus a Refinitiv estimate of $1.33. Delta was down 4.5% in premarket trading.

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After American Airlines stock rose nearly 10% following an earnings beat, it was down about 2% in premarket trading the next day.

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Tesla's stock slid nearly 6% in the premarket after Guggenheim downgraded the company from neutral to sell. The downgrade was based on concerns with Tesla's fourth-quarter estimates. Tesla also cut prices in the U.S. and Europe again, according to listings on the company's website Thursday night. The stock lost 65% in 2022.
Bank of America reported earnings per share of 85 cents last quarter, above the 77 cents a share expected by analysts, per Refinitiv. Revenue also beat expectations. However, the bank’s net interest income fell slightly below expectations despite jumping interest rates. Bank of America was down 2.8% in early trading.

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Salesforce shares slid 1.4% in premarket trading after being downgraded by Atlantic Equities to neutral from overweight. The firm cited execution concerns, management exodus and slower-than-expected revenue growth as reasons for the downgrade. Bank of America upgraded Caterpillar to buy from neutral, saying the company has an underappreciated roadmap that can drive outperformance. Caterpillar was relatively flat in the premarket.

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Logitech International shares continued to slide in the premarket, down nearly 5%. This comes a day after the company lost 16% on the announcement of declining sales and earnings. Deutsche Bank downgraded the shares Friday.